99acres Parent Info Edge Invests $11 Million in Former Rival's Broker Network Startup

September 2, 2022

According to local publication EnTrackr, the Indian PropTech startup Broker Network has raised a 90 crore ($11 million) corporate investment round led by Allcheckdeals India Private Limited, a subsidiary of Info Edge.

Broker Network has built an application for Indian developers and brokers which offers a suite of services. It describes itself as a matchmaking platform that connects brokers with properties and brokers with buyers. According to a filing with the Indian Registrar of Companies, the money will be used to grow the business.

Founded in 2020 in Mumbai, the company claims to be one of India's fastest-growing PropTechs and has over 750 employees according to its Linkedin page.

Broker Network was founded by former Housing.com employees and is led by former Housing.com CEO and founder Rahul Yadav who left the portal back in 2015 after a disagreement with investors.

Today's news of fresh investment in the Broker Network is notable because the money is being put up by Yadav's former rival Info Edge, the company that runs 99acres, one of the country's top real estate portals.

The fight for supremacy in the Indian real estate portal market is very tight with 99acres and The Times Group-owned Magicbricks having battled it out at the top for many years. Australian portal company REA Group entered the market investing in Housing.com's parent Elara Technologies in 2017 before investing further and renaming the company REA India in 2021.

REA India has looked to consolidate the traffic of its portal sites Makaan and PropTiger and concentrate on Housing.com. The effort has largely paid off with Housing.com having overtaken both 99acres and Magicbricks in traffic recently according to Similarweb.

 

September 2, 2022
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Affordability Calculators 1
Affordability Fears Are Growing – Are Real Estate Portals Paying Attention?

Only around 40% of listings on Zillow are affordable. Or, to put it another way, only around 40% of properties...

Read More
People Roundup Hero Image 3 April 25 1
People on the Move Roundup: REW, ImmoScout24 and REA India

This week's roundup of real estate marketplace comings and goings features executives on the move in Canada, Germany and India......

Read More
Cooperrocketacq 2
Rocket to Acquire Mr Cooper Mortgage Service for $9.4 Billion

Rocket Companies has announced a $9.4 billion all-share deal to acquire Mr. Cooper, the largest mortgage servicer in the United...

Read More
Scout24 German Houses 3
Scout24 Closes Another Data-Focused Acquisition

Germany-based marketplace operator Scout24 has continued its expansion into real estate data with the acquisition of Austrian proptech firm ImmoUnited....

Read More

Editor's Pick